QV Investors Inc. Reduces Position in Cummins Inc. (NYSE:CMI)

QV Investors Inc. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 7.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,215 shares of the company’s stock after selling 1,070 shares during the period. QV Investors Inc.’s holdings in Cummins were worth $4,456,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Signaturefd LLC boosted its position in shares of Cummins by 0.9% during the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock valued at $1,155,000 after buying an additional 28 shares during the period. Fiduciary Trust Co lifted its stake in shares of Cummins by 1.2% during the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after acquiring an additional 28 shares during the last quarter. Massachusetts Wealth Management boosted its holdings in Cummins by 0.6% during the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after acquiring an additional 30 shares during the period. Avestar Capital LLC grew its position in Cummins by 3.2% in the 4th quarter. Avestar Capital LLC now owns 987 shares of the company’s stock valued at $344,000 after acquiring an additional 31 shares during the last quarter. Finally, Dupree Financial Group LLC grew its position in Cummins by 0.3% in the 4th quarter. Dupree Financial Group LLC now owns 12,153 shares of the company’s stock valued at $4,237,000 after acquiring an additional 32 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Down 1.2%

Shares of NYSE CMI opened at $320.84 on Monday. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The business has a fifty day moving average price of $303.91 and a 200 day moving average price of $339.59. The stock has a market capitalization of $44.20 billion, a P/E ratio of 11.39, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s revenue was down 2.7% compared to the same quarter last year. During the same period last year, the business earned $5.08 EPS. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.27%. The ex-dividend date is Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director now owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CMI has been the subject of several research analyst reports. Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Robert W. Baird dropped their target price on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and reduced their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $357.25.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.